percentage increase in cash compensation paid to him in 1996 out of the 44 chief executive officers (CEOs) heading the leading commercial insurers and reinsurers surveyed by Business Insurance magazine.

Mr. Blake received $529,038 in salary along with a $525,000 bonus last year, a 199 percent increase from his cash compensation of $352,921 in 1995 according to the magazine.

The compensation increase boosted Mr. Blake into the rankings for the first time in the annual survey, which is based on company proxy statements filed with the US Securities and Exchange Commission and on annual reports.

Mr. Blake, who is also LaSalle's president and chairman, ranked an overall 21 out of the 44 highest-paid CEOs in the survey.

He ranked third among the CEOs of the eight Bermuda-based companies included in the survey (see table). The magazine quoted LaSalle Re's proxy statment as stating Mr. Blake's 1996 compensation "was based on an amended and restated employment agreement'', which "provided for a fixed annual salary and an annual non-discretionary performance-based bonus''.

LaSalle also revised Mr. Blake's salary upwards in a bid to be more competitive in officer compensation and by the company's determination that "the portion of compensation tied to performance should be measured on an annual and long-term basis'' according to the magazine.

LaSalle Re's net income rose by about 24 percent and its revenue by about 13 percent in 1996 compared to 1995.

Brian O'Hara, chief executive officer and president of EXEL Ltd., earned the most compensation among Bermuda insurers and reinsurers in 1996, taking home $96,000 for housing expenses, a salary of $550,000 and a bonus of $1 million.

He also borrowed $400,000 interest-free in 1996 in an agreement with the company under which he is allowed to borrow up to $1 million.

Mr. O'Hara's compensation increased about 63 percent in 1996 over 1995. He ranked 11th out of the 44 CEOs surveyed. EXEL's net income increased by about 49 percent while revenues increased by about 14 percent in 1996 compared to 1995.

Bermudian Brian Duperreault, chief executive officer of ACE Ltd., took home commuting and living expenses of $170,004, a salary of $468,720, and a bonus of $650,000 during 1996. The total package represented a 31 percent increase over the 1995 year. ACE's net income increased by 21 percent and its revenue by 29 percent in 1996 compared to 1995.

ACE recently acquired Bermuda-based Tempest Re and two Lloyd's syndicates during 1996 as the company attempted to grow its revenue base in a market with declining insurance rates.

Also listed as part of the 44 highest paid CEOs in the business were Mid Ocean Ltd.'s Michael Butt of Mid Ocean Ltd., who ranked 26, Renaissance Re Holdings' James Stanard, who ranked 28, Mutual Risk Management Ltd.'s Robert Mulderig, who ranked 32, PartnerRe Ltd.'s Herbert Haag, who ranked 34, and IPC Holdings Ltd.'s John Dowling, who ranked 42. Mr. Mulderig's compensation package was the only one to decrease, by one percent, in 1996 among Bermuda-based CEOs.

Mr. Mulderig and Mr. Haag were the two Bermuda-based CEOs whose cash compensation during 1996 fell below the industry average of a 7.3 percent increase over the 1995 year. On average insurance and reinsurance CEOs took home about $1.4 million during 1996 according the survey of 44 companies.

Mr. Mulderig held about $21.8 million worth of Mutual Risk shares, while Mr.

Haag had a $9 million stake in PartnerRe as of August 22 closing price. Mr.

Stanard held a $29 million stake in Renaissance Re.

CHART BERMUDA'S HIGEST PAID CEO'S